The interpretive uncertainties regarding trusts and inheritance and gift taxes pose potential problems for generational transitions implemented through trusts established until October 2022..
The market for tax credits related to building incentives, already present in tax files, currently amounts to approximately $100 billion.
The circulation of these credits is regulated by Decree-Law No. 34 of 2020, converted, with modifications, by Law No. 77 of 2020. Recently, with Decree-Law No. 11 of February 16, 2023, the government has suspended the possibility of transferring the aforementioned tax credits accrued after the entry into force of the decree. For past credits already present in tax files, although allowed, the circulation is effectively blocked due to the reached capacity of acquiring banking entities.
This opens up the market for tax credits to new financial entities as well as direct user companies.
What are the criminal implications of declaring/regulating crypto activities? The budget law doesn’t address it, but the issue exists and will need to be addressed and clarified in some way.
With the current state of affairs – setting aside the hypothesis of illicit origin of the capital used for investing in crypto assets and focusing only on the criminal issues related to possible tax offenses of false declaration – I don’t see any problems on the tax criminal front, as the regularization, fully comparable to a voluntary disclosure, falls within the grounds for non-punishment provided by Article 13 of Legislative Decree 74/2000 (though there might be some issues in calculating the evaded taxes for determining the threshold of punishment).
However, I do see problems on the front of potential money laundering and self-laundering offenses.
In this case, the grounds for non-punishment of the underlying offense do not prevent the configuration and punishment of the subsequent offense, given the extension of the survival clause to money laundering and self-laundering offenses, as established by the last paragraph of Article 648 of the Criminal Code, which states that the subsequent offense remains punishable even if the underlying offense is not.
The objective is to provide integrated services ranging from risk assessment and preventive consultancy to pre-litigation and litigation defense. The innovations also include a focus on specific integrated projects, such as tax and corporate planning for generational transitions in businesses, based on a model that allows for consolidating tax exemptions (regardless of the company’s value) provided by current regulations while allowing the founder to retain control and economic rights over their company.
A particularly important project will involve the development of a model for verification, selection, and management of transferable tax credits to ensure their secure circulation.
On an experimental level, the partnership will collaborate with the innovative startup 2Legaltech to create integrated training models for companies based on new technologies and cutting-edge communication and storytelling techniques.
Copyright Stufano Tax | Legal | Corporate – 2014 – 2023